New index of actual property costs and rents in Cyprus

WiRE FS, an organization that mixes actual property experience and the usage of expertise, presents for the primary time a brand new index of actual property costs and rental prices.

WiRE FS, in an effort to assist all events get a greater image of rental costs and tendencies, will current the “WiRE Index” on a quarterly foundation. Created retrospectively from the fourth quarter of 2009, the Index data the quarterly evolution of costs and rents for all sorts of properties by district: residences, homes, outlets, places of work, trip residences and trip properties. In whole, it data costs and rents for 54 zones and sub-zones and presents collective information for every district and sort of property.

The newest information processed by WiRE pertains to the primary quarter of 2021. Following the identical development because the corresponding months of 2020, the primary months of 2021 have been strongly affected by the coronavirus pandemic and the associated restrictions, recording a drop in costs in all classes of products. Rents additionally fell in most classes.

WiRE Index – Actual Property Worth Index

Pancyprian Q1 2020 Q1 2021 Annual
share change
Flats 74.37 74.02 -0.5%
Homes 84.74 85.99 1.5%
Retail 55.46 52.54 -5.3%
Warehouses 68.74 65.62 -4.5%
Workplace areas 78.82 78.01 -1%
Vacation residences 128.31 126.81 -1.2%
Vacation properties 122.72 118.78 -3.2%

House costs fell 0.5% in Q1 2021 in comparison with Q1 2020, business buildings (retail) by 5.3%, warehouses by 4.5%, workplace house by 1.0% , trip residences by 1.2% and trip properties by 3.2%. Home costs, nevertheless, rose 1.5%.

Pavlos Loizou, Managing Director of WiRE FS explains that the comparatively giant drop in warehouse costs is probably going short-term, as there was a latest enhance in demand from firms engaged in logistics, in addition to different firms which have elevated their costs. on-line gross sales. canals. “We additionally anticipate trip property costs to get well quickly; Because the pandemic is introduced beneath management, demand for these properties will progressively enhance from abroad patrons who discover it troublesome to go to the island now, ” he says. It seems that it is going to be tougher for business property costs (retail) to return to constructive ranges. The market wants extra time to get well as customers undergo a interval of redefining their buying priorities, their life-style and the way in which they store, provides Loizou.

WiRE index – Actual property rental index

Pancyprian Q1 2020 Q1 2021 Annual
share change
Flats 102.10 101.49 -0.6%
Homes 108.51 111.34 2.6%
Retail 53.18 49.79 -6.4%
Warehouses 61.08 61.54 0.7%
Workplace areas 81.91 79.26 -3.2%
Vacation residences 141.89 142.08 0.1%
Vacation properties 141.90 134.24 -5.4%

For leases, on an annual foundation, the costs of residences (-0.6%), outlets (- 6.4%), places of work (-3.2%) and trip properties (-5.4 %) have declined. In distinction, rental costs for homes (2.6%), warehouses (0.7%) and vacation residences (0.1%) elevated barely.

“The outcomes are comparatively anticipated as a result of situations of economic instability. The slight enhance in home leases might be attributable to the truth that tenants, after a yr of restrictions, are extra inclined to lease homes with out of doors house than residences. It ought to be famous, nevertheless, that it’s troublesome to foretell all the results of the pandemic, as a result of solely a comparatively brief time period has elapsed ”. Explains Loizou.

The WiRE index will probably be launched quarterly and a very powerful outcomes will probably be shared with the media and all events. For extra data and measurements, in addition to the methodology utilized by WiRE FS to supply the WiRE Index, go to the WiRE FS web site.

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